Maturity Benefits For Different Term Life Insurance Plans

Choose a life insurance policy with the best maturity benefit will offer you and your loved ones financial stability at the end of the tenure of the plan. Choose from the top life insurance products in the market offered by the best life insurers.
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Life Insurance
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  • Insurers provide online renewal of policy
  • Choose between annual and monthly premium payment options

Term insurance plans are basically protection plans. They are particularly designed to protect your family against unforeseen circumstances. These are three types of term insurance plans available in India which include - increasing benefit, level benefit and decreasing benefit. A term insurance plans is a must for the bread winner of a family and for those whose health is not in a good condition.

Maturity Benefits

Maturity benefits refers to the amount received by a policyholder or nominee when a policy matures. A tem insurance policy needs to be active or in force to avail these maturity benefits. Term life insurance policies may include the followings as maturity benefits:

  • The basic sum assured.

  • Accrued guaranteed additions and vested simple reversionary bonuses (if any).

  • Terminal bonus (if applicable).

Term Insurance With Maturity Benefit India

The term life insurance plans with maturity benefits are slightly different form the traditional life insurance plans. Normally, a traditional term insurance policy does not offer any direct maturity benefits to the policyholder. They only provide death benefits when a policyholder dies within the policy term.

So, if any buyer/policyholder wants to have maturity benefit, he/she can opt for a TROP (Term Return of Premium) plan. A term return of premium plan provides income replacement and refund the premiums at maturity, apart from offering all benefits of a traditional term life insurance plan. A TROP plan is a variant of pure term insurance plan and ensures maturity benefits, if the policyholder survives till the end of policy tenure.

Key Features of Term Plans With Maturity Benefit

The term life insurance plans with maturity benefits or term return of premium plans come with a lot of attractive features. Listed below are the key features of term life insurance plans with maturity benefits:

Free-look period

15 days for manually purchased policy

30 days for policies purchased online.

Entry Age

Minimum entry age:18 years

Maximum entry age: 65 years

Grace period

15 to 30 days based upon policy modes. Usually, 15 days for monthly mode policies and 30 days for other modes.

Plan type

Term insurance plans offers flexibility in terms of choosing a plan. One can choose a plan on single life basis or joint life basis.

Premium paying term

Single pay, Limited pay and Regular pay.

Age at maturity

25 year/ 65 years/ 75 years to whole life. Differ from policy to policy.

Policy revival

The policy can revived within two years from the date of unpaid premium.

Premiums

Based on sum assured and age of the applicant.

Nomination

Term life insurance policies with maturity benefits accept nomination.

Premium paying frequency

Yearly/ monthly.

Sum Assured

Vary from policy to policy offered by various life insurance companies.

Policy coverage

Death benefits and maturity benefits.

Policy term

Minimum- 5 years

Maximum – 30-35 years

Benefits of Term Insurance With Maturity Benefit

The term life insurance plans with maturity benefits offer a number of attractive benefits which include:

  • Death Benefits: Term insurance plans offer death benefits to designated nominees. The nominees will receive these death benefits, if the life assured dies within the policy tenure.

  • Maturity Benefits: Normally, traditional life insurance policies don’t offer maturity benefits. But term return of premium life insurance policies offer maturity benefits by returning the total amount of premiums paid so far, provided a policy is continued till the end of term.

  • Tax Benefits: A policyholder can enjoy tax benefits over the premiums paid for term life insurance plans with maturity benefits. The premiums paid and the amount received are exempted from income tax assessment under section 80C and 10 (10D) of the Indian Income Tax Act, 1961.

  • Term life insurance plans with maturity benefits also offer additional riders such as Critical Illness and Accidental Death or Disability riders.

  • Term life insurance plans come at affordable premiums rates.

Top 5 Term Insurance Plans With Maturity Benefit India

Listed below are some of the term life insurance plans in India that come with maturity benefits.

  1. LIC Jeevan Pramukh: This is an Endowment Assurance term life insurance plan offered by Life Insurance Corporation of India. The plan provides financial protection against death throughout the policy term and provides maturity benefits, provided the policyholder holder survives till end of policy term. The policy would pay the sum assured accompanied by accrued guaranteed additions, vested simple reversionary bonuses and terminal Bonus( if any) in a lump-sum as maturity benefits.

  2. MetLife Suraksha TROP: It is a non-participating term life insurance plan offered by PNB MetLife. The plan not only provides life insurance coverage at nominal cost, it also offers the total of all premiums paid along with guaranteed additions.

  3. Max Life Premium Return Protection Plan: This is a term insurance plan with maturity benefits offered by Max Life Insurance Company. The plan not only protects your family against eventualities, it also returns all your premiums paid at maturity.

  4. Aviva iShieldPlan: This is an online non-linked non participating term life insurance plan offered by Aviva. The plan provides guaranteed survival benefits/ money back benefits at maturity which is 110% of total premiums paid.

  5. Tata AIA Life Insurance iRaksha TROP: This is an online term return of premium plan which a returns all total premiums paid, if the policyholder survives till the end of policy term.

How to Choose The Best Term Insurance Plans With Maturity Benefits

In order to choose the best the term life insurance plan with maturity benefits, you need to shop around and do a primary research. Then, compare the plans available in the insurance market and pick up a one based on your requirement.

MATURITY BENEFITS RELATED ARTICLES

Term Insurance Plans For Couples

Term insurance is one of the most preferred type of insurance that many people seek today. This is mostly because of the benefits it offers, which include pure risk protection at an affordable price. Couples who are looking to purchase an insurance policy have the option of either going in for a single life insurance policy or a joint life insurance policy.

In this article, we bring to you some important information about both these types of policies and also some important points of distinction between joint and single life insurance policies on various crucial parameters. You can also read about some term insurance policies which are available specially for couples as well . Read More...

Things You Should Know About Term Insurance Plan Premium Calculators

Those of us who have taken a loan must be familiar with a loan EMI calculator. But did you know, you can also find out the approximate premium you have to pay on your term insurance plan with the help of a term insurance premium calculator? Just like for loans, now you can take the help of an online premium calculator to find out how much an insurance plan is going to cost you.

The working of these calculators is simple and the user is required to provide some policy related information such as their name, age, date of birth, plan type, sum assured, policy term, premium payment term, riders, and other related data. If you too are looking to get a term insurance plan, you will find this article helpful as it talks about some of the important features and benefits which these premium calculators offer and how they work. Read More...

Top 10 Best Performing Term Insurance Plans In India

Planning for the future is something which many of us avoid doing till the very last moment. However, as we grow older, our responsibilities not only towards our own selves but also our family members change. If you are looking after dependent family members, it is a part of your responsibility to ensure that your dependent family members are financially secure if something were to happen to you. For this purpose, a term insurance plan is the best life insurance option available for you.

As you would know, term insurance is also considered to be the purest form of insurance which provides cover against the risk of death. This is a simple and easy to understand insurance plan which offers adequate financial protection to your loved ones if you were to pass away unpredictably.

Not only that, you can also opt for a number of riders which can enhance the coverage provided by your term plan. Here, we have compiled a list the top 10 best performing term insurance plans in India. You can read about each plan in brief to get an idea about what each plan has to offer in terms of benefits, so you can decide which one is best suited for your needs. Read More...

Term Insurance Vs. Endowment Policy

Life insurance has become a must-have in today’s times which can help provide much-needed protection to our dependents in case of an uncertainty. For those looking to purchase a life insurance policy, there is no dearth of choices. To address diverse needs, there are different types of life insurance policies that are available, such as, endowment policies, term insurance policies, unit linked insurance policies, and more.

For those who may be considering between an endowment policy and a term insurance policy, we bring a very helpful comparison between the two in this article. Read about the basic differences between these two policies on various parameters such as who they are ideal for, benefits associated with each policy, sum assured, etc., so you can decide which one is best for you. Read More...

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Term Insurance Plan with Maturity Benefits Reviews

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  • LIC Life Insurance
    "Good policy"
    0.5 5.0/5 "Blown Away!"
    On one year back, I have taken life insurance from LIC. Since the agent has recommended with all good benefits so I preferred this policy to apply. I have received the hard copy on time. The tenure period of 15 years 2021 getting maturity and i am paying premium on quartely 40,000 which am paying to the agent. It covers up to myself with the sum assured of 7.5L.
    Was this review helpful? 0
    , tirupur
    Reviewed on Mar 20, 2020
  • LIC
    LIC Life Insurance
    "Excellent Service"
    0.5 5.0/5 "Blown Away!"
    I have taken life insurance policy of Jeevan Bhima for the tenure of 15 years .The premium is paid through yearly basis and premium is paid by myself through lic office only.This policy is stil active and the policy features and benefits was clealry shared by the agent .
    Was this review helpful? 0
    , indore
    Reviewed on Mar 20, 2020
  • LIC Life Insurance
    "Very good"
    0.5 5.0/5 "Blown Away!"
    My Aunt is working in LIC, she only suggested me to take this Life Insurance policy. I am paying annual premium of Rs. 30,000 which is auto debited from my account. This policy benefits are clearly explained to my mom and she knows it better than me. Its a money back policy taken last 2 years back.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Mar 18, 2020
  • LIC Life Insurance
    "Good insurer"
    0.5 5.0/5 "Blown Away!"
    On one year back, I have taken life insurance from LIC. Since the agent has recommended with all good benefits so I preferred this policy to apply. I have received the hard copy on time. The tenure period of 20 years. I need to pay the premium on monthly of 3K which am paying to the agent. It covers up to myself with the sum assured of 5L.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Mar 17, 2020
  • LIC Life Insurance
    "Excellent Service"
    0.5 5.0/5 "Blown Away!"
    I have taken life insurance policy through lic agent .This was a maturity benefit policy and the policy tenure is for 15 years and the premium is paid on yearly basis .I am using net banking service as well as mobile banking service both are very user friendly .This was taken for my family benefits and customer service was good.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Mar 16, 2020
  • Reliance Life Life Insurance
    "Average Policy"
    0.5 4.0/5 "Great!"
    Purchased my Reliance life insurance policy last 3 years before. My friend is working as an agent hence he suggested me to take this policy here. Yearly, I'm paying the premium amount of Rs. 15000. They are giving me a sum assured amount of Rs. 2.5 lakhs for the term period of 10 years plan. This policy has tax benefits also.
    Was this review helpful? 0
    , nasik
    Reviewed on Mar 16, 2020
  • Max Life Insurance
    "Excellent Service"
    0.5 5.0/5 "Blown Away!"
    I have taken life insurance policy through Max life insurance .This policy tenure is10 years and the premium was paid on yearly through ECS mode.The policy features and benefits are well known to me since working with Max.I am satisfied with my policy.
    Was this review helpful? 0
    , dehradun
    Reviewed on Mar 16, 2020
  • Max Life Insurance
    "Excellent Service"
    0.5 5.0/5 "Blown Away!"
    I have taken life insurance policy directly through Max life since i am working with them .This was a monthly income plan and it is availed for family benefits only.I am paying the premium on ECS mode and the premium amount was Rs.50,000.The policy details was clearly shared by the agent and i am satisfied with the service .
    Was this review helpful? 0
    , dehradun
    Reviewed on Mar 16, 2020
  • LIC Life Insurance
    "Trustable policy"
    0.5 5.0/5 "Blown Away!"
    LIC is a evergreen and trust able company without any problem anyone can take the policy by closing their eyes. Therefore, I have chosen the money back policy by considering the future benefits. I pay the premium amount of Rs. 2000 on a monthly basis. This policy has a term period of 15 years. I pay the premium through online.
    Was this review helpful? 0
    , chennai
    Reviewed on Mar 16, 2020
  • LIC Life Insurance
    "Good policy"
    0.5 3.0/5 "Satisfactory"
    From LIC, i have taken a Money back policy and i am paying premium once in 6 months. I have opted for the tenure period of 15 years and i have completed the policy and got maturity amount also. I paid the premium through agent and he clearly informed benefits of this policy.
    Was this review helpful? 0
    , medak
    Reviewed on Mar 14, 2020
  • LIC Life Insurance
    "Good policy "
    0.5 4.0/5 "Great!"
    Taken my life insurance policy since 9 months ago which i have chosen for tax benefits. I have taken Jeevan Anand policy. I have been paying the premium amount of Rs. 18,000 on quarterly basis. I'm getting a sum assured amount after 25 years but the term is 16 years.
    Was this review helpful? 1
    , hyderabad
    Reviewed on Mar 13, 2020
  • LIC Life Insurance
    "Excellent in all service "
    0.5 5.0/5 "Blown Away!"
    I have taken life insurance policy which was taken though LIC for 15 years and paying the premium on yearly basis Rs. 15500 and the coverage for Rs. 10,00,000 .I am paying the premium in their office .This policy is totally for my family benefits.
    Was this review helpful? 0
    , indore
    Reviewed on Mar 13, 2020
  • LIC Life Insurance
    "Average policy"
    0.5 5.0/5 "Blown Away!"
    Taken my life insurance policy by last year and i have chosen LIC because of tax benefits. I have taken Jeevan Anand policy because it was advised by someone. I have been paying the premium amount of Rs. 23000 per annum. I'm getting a sum assured amount of Rs. 5 lakhs. If they increase the returns, it will be good.
    Was this review helpful? 0
    , pune
    Reviewed on Mar 12, 2020
  • LIC Life Insurance
    "Good Service"
    0.5 5.0/5 "Blown Away!"
    I have taken life insurance policy through lic agent .This was a maturity benefit policy and the tenure is for 15 years .The premium is paid once in 3 months only and the agent share all the relevant details about the policy details .This policy is still active and the premium is provided to the agent.
    Was this review helpful? 0
    , bangalore
    Reviewed on Mar 12, 2020
  • LIC Life Insurance
    "Great policy"
    0.5 5.0/5 "Blown Away!"
    Took my life insurance policy from LIC because its a trusted insurance company and i have bought the Jeevan Anand policy because the benefits is good because they have a two benefits one is maturity and other is death cover. I have chosen the payment of mode of quarterly basis. They are covering the tax benefits also.
    Was this review helpful? 0
    , chennai
    Reviewed on Mar 12, 2020
  • LIC Life Insurance
    "Future for life"
    0.5 3.0/5 "Satisfactory"
    I just opened the new life insurance policy from LIC. Through agent i have bought the policy. For the life safety purpose, i have taken this policy. I bought the term insurance plan which has tax benefits also. I'm satisfied with the sum assured amount also. Monthly i pay the premium amount of Rs. 980. I pay the premium to the agent via cash.
    Was this review helpful? 0
    , chennai
    Reviewed on Mar 12, 2020
  • LIC Life Insurance
    "Best service"
    0.5 5.0/5 "Blown Away!"
    I have taken life insurance policy directly through LIC agent .This was a maturity benefit policy which was taken for family benefits and the premium is paid on monthly basis. The premium is paid through auto debit system ,still this active policy feature and benefits was clearly shared by the agent. I have not faced any issues and the policy documents got on time. Once the policy is closed will be getting the amount .
    Was this review helpful? 0
    , faizabad
    Reviewed on Mar 11, 2020
  • LIC Life Insurance
    "Good policy"
    0.5 4.0/5 "Great!"
    I taken a money back policy from Life Insurance Corporation of India. Its because of the tax benefits, I have purchased this policy. Every 5 years i will get the return to my hand. I am paying the premium amount of Rs. 4,000 per quarter. I pay the premium through net banking by using my credit card. This is a long term policy which as a term of 21 years.
    Was this review helpful? 0
    , chennai
    Reviewed on Mar 11, 2020
  • LIC Life Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    Chosen my life insurance policy from LIC for the saving money purpose. LIC policies are covering tax benefits also so i have selected the Jeevan anand. I am paying the premium amount of Rs. 24000 per year. I get a lumpsum amount at the time of policy maturity and its cover for life cover also.
    Was this review helpful? 0
    , bhubaneshwar
    Reviewed on Mar 11, 2020
  • LIC Life Insurance
    "Good service"
    0.5 5.0/5 "Blown Away!"
    I have taken life insurance policy directly through lic agent.This was a money back policy of jeevan bhima and the agent shared all the relevant information about the policy.I am paying the premium through online and the policy tenure is for 15 years and the premium is paid on quarterly basis .Once the tenure is completed will get money and this policy is taken for family benefits .
    Was this review helpful? 0
    , pune
    Reviewed on Mar 10, 2020
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